The Law on Amendments to the Tax Procedure Law and Certain Laws Is Published

The Law on Amendments to the Tax Procedure Law and Certain Laws (Omnibus Law) entered into force through its publication in the Official Gazette dated 26.11.2022 and numbered 32025. The Omnibus Law amended the Law No. 4059 on Financial Stability and Certain Regulations (Financial Stability Law).

• With the Constitutional Court decision dated 01.06.2022 and numbered 2021/85 E. 2022/60 K., the Presidential Decree on the Price Stability Committee was canceled. With the Financial Stability Law, the establishment of the Price Stability Committee (the Committee) is re-regulated.
• Pursuant to the amendment, the Committee aims (i) to develop structural policy recommendations to ensure price stability by respecting the coordination between monetary and fiscal policies, (ii) to identify and advise on measures to be taken outside monetary policy and monetary policy instruments by observing risks threatening price stability, and (iii) to take decisions to ensure that prices set or directed by public authorities are implemented with a focus on price stability.
• The Committee is composed of the Minister of Treasury and Finance, the Minister of Labor and Social Security, the Minister of Energy and Natural Resources, the Minister of Industry and Technology, the Minister of Agriculture and Forestry, the Minister of Trade, the President of Strategy and Budget and the Governor of the Central Bank of the Republic of Turkey.